Medtronic plc (NYSE:MDT) Shares Sold by Logan Capital Management Inc.

Logan Capital Management Inc. lowered its stake in shares of Medtronic plc (NYSE:MDT) by 2.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 118,319 shares of the medical technology company’s stock after selling 3,403 shares during the quarter. Logan Capital Management Inc.’s holdings in Medtronic were worth $10,652,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic during the 3rd quarter worth $27,000. J. Stern & Co. LLP purchased a new position in shares of Medtronic in the 3rd quarter worth $30,000. Finally, Chelsea Counsel Co. acquired a new position in Medtronic in the third quarter valued at $45,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Down 0.8 %

NYSE:MDT traded down $0.64 on Friday, reaching $82.09. The stock had a trading volume of 361,010 shares, compared to its average volume of 6,222,216. The company has a 50-day moving average of $87.77 and a 200 day moving average of $84.99. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market cap of $105.26 billion, a P/E ratio of 25.30, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the business posted $1.25 earnings per share. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, research analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.41%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analysts Set New Price Targets

MDT has been the subject of several research analyst reports. Barclays upped their price target on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $95.27.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.